171
Argentina's Milei says shutting central bank 'non-negotiable'
(www.reuters.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 25 Nov 2023
171 points (96.2% liked)
World News
39041 readers
2449 users here now
A community for discussing events around the World
Rules:
-
Rule 1: posts have the following requirements:
- Post news articles only
- Video links are NOT articles and will be removed.
- Title must match the article headline
- Not United States Internal News
- Recent (Past 30 Days)
- Screenshots/links to other social media sites (Twitter/X/Facebook/Youtube/reddit, etc.) are explicitly forbidden, as are link shorteners.
-
Rule 2: Do not copy the entire article into your post. The key points in 1-2 paragraphs is allowed (even encouraged!), but large segments of articles posted in the body will result in the post being removed. If you have to stop and think "Is this fair use?", it probably isn't. Archive links, especially the ones created on link submission, are absolutely allowed but those that avoid paywalls are not.
-
Rule 3: Opinions articles, or Articles based on misinformation/propaganda may be removed. Sources that have a Low or Very Low factual reporting rating or MBFC Credibility Rating may be removed.
-
Rule 4: Posts or comments that are homophobic, transphobic, racist, sexist, anti-religious, or ableist will be removed. “Ironic” prejudice is just prejudiced.
-
Posts and comments must abide by the lemmy.world terms of service UPDATED AS OF 10/19
-
Rule 5: Keep it civil. It's OK to say the subject of an article is behaving like a (pejorative, pejorative). It's NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.
-
Rule 6: Memes, spam, other low effort posting, reposts, misinformation, advocating violence, off-topic, trolling, offensive, regarding the moderators or meta in content may be removed at any time.
-
Rule 7: We didn't USED to need a rule about how many posts one could make in a day, then someone posted NINETEEN articles in a single day. Not comments, FULL ARTICLES. If you're posting more than say, 10 or so, consider going outside and touching grass. We reserve the right to limit over-posting so a single user does not dominate the front page.
We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.
All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.
Lemmy World Partners
News !news@lemmy.world
Politics !politics@lemmy.world
World Politics !globalpolitics@lemmy.world
Recommendations
For Firefox users, there is media bias / propaganda / fact check plugin.
https://addons.mozilla.org/en-US/firefox/addon/media-bias-fact-check/
- Consider including the article’s mediabiasfactcheck.com/ link
founded 1 year ago
MODERATORS
This move is a necessity in Argentina's Political and Economical situation, by shutting down the Central Bank (and subsequently moving to Dollars) Milei is killing the Politicians' (long standing and abused) Ability to finance themselves with monetary emissions (their Agendas and Deficient governments just to not say corrupt money laundering), which is the cause of inflation, which makes all Argentines poorer by the hour.
It is if not his biggest, one of the major promises on his campaign and the one most people voted him for, Argentines understand (as seen trough Random Street interviews) that this will create major hiccup on Economy while they transition to dollar, but given it's long tern effects are willing to put up with it
Sounds like they want to heal the country by murdering it's economy.
Amputating a Cancer-Infected Leg to save a whole body is a common practice. The prosthetic replacement comes later
But they are doing it with a chainsaw and set to let the patient bleed out.
Like we have been for the past 2 decades!
Best of luck with that.
The long term effects are going to be serious whiplash. The monetary regime would go from severe inflation to super low inflation (below what Argentina needs). They will essentially be using Argentinian Government funds to buy US dollars, thereby helping the US keep its inflation under control.
That's good for the US, but Argentina may fall into a recession. Growing economies need a growing money supply or businesses will not be able to borrow money to expand. By essentially hitching their economy to the slower growing US economy, Argentina is ensuring that their businesses pay high interest rates to borrow money. The US government is paying you 5%, risk free. Why tf would anyone loan money to Argentina less than 10-15%?
Remember how US tech companies all fired people at the same time when the Federal Reserve increased interest rates (it happened)? That's what will happen to many companies in Argentina at the same time.
Edit: lol, he was just lying about "dollarization" for votes because it's nuts:
https://news.yahoo.com/finance/news/milei-economic-team-led-former-175214678.html
Yes, its gonna be serious and difficult, but like said they are willing to put up with it... with they I mean the 55% that voted him of course...
And no, the dollarization was not a lie, like he said (his whole campaign...) it's for the long term, first comes solving the gigantic Economical Deficit the State currently generates, then it's Public Organization's and then cutting taxes, only then he'll move forward with it obviously because otherwise is suicide.
And this is very important to remark: News Outlets other than Javier Milei's Official Twitter Account or the Government's Official Channel (after December 10) ARE NOT TO BE TRUSTED. You may think this is just him shielding against media "calling him out" but there is a serious issue with Argentina's News outlets: They are funded by the current government and are VERY functional to it. Other International Media arent necessarily but yeah it's obviously more profitable to report "Argentina's new president is A NAZI" than "Argentina's New President Denies the Made up Number of Dictatorship deaths" (which just in case, the authorities that made up the number did confess to making it up in national TV)
Hell, its even as bad he's been putting "Official Communication" posts to clarify that what the media is saying about his proposals or plans is false, including those claims of him backing down on Dollarization.
I'm sure crime will not rise up when people have no food because they don't have dollars, I'm sure people will not go out violently on the streets and raise hell, yes the policy may be be beneficial to those who have their on dollar reserve, but the rest? Save my comment, and hope that doesn't happen.
You mean the heists that have happened since August of this year when the dollar was even lower than now? Or are we talking about actual big amounts of people dying for not having money or food and insecurity striving like in the pandemic Two Years ago? (Argentina being one of the worst casualties rate of the world with covid, thanks to the current government)
Yeah that says a lot about Argentina. If you have two brain cells even, just to rub together a little bit, you realize this is an idiotic idea, incompatible with taking part in the modern, global economy.
Except that there's countries that did the exact same thing and are doing fine. There's also the ones that dont and it shows it's a gamble.
Not taking the Gamble however means to take the risk-free secure pathway to Venezuela and luckily majority of Argentines understood that.
Great! A majority of the unwashed masses, half of whom are illiterate. I'm not really interested in what another illiterate person thinks about economics, either. Shows a total lack of appreciation for Argentina's most imminent, existential problems, and now you have a majority of the country tricked by a charlatan, and they're excited about it!
Thanks, social media, for giving know-nothings an "equal" voice. /s
What are you on about with Social Media? For the WHOLE elections Social's were INUNDATED with Ads and Publicity of Fear Campaign against Milei (from the current government and friends which Official Spending numbers could have paid a lot of debt mind you)
The fact that most people voted for him still is a telling that they are not able to be tricked.
Well, yeah that's also what democracy is about, no matter your conditions you have a voice, regardless of how educated that is... cough 45% cough . But most of all why would they need to all be Economists to vote for the guy that IS an economist and his economic proposals at that when his opponents have given 0 Proposals ALL COMBINED
You don't need to be an economist to see he's a moron. Just listen to him for five minutes. Obviously, you got tricked, though, so....
Innumerate and illiterate!
Obviosly he's a Moron, any person with 2 Braincells would run for President, Win and continue the status quo stealing from Argentines like the previous 20 Years politicians have, afterall there's been no consequences for them.
But he's not doing that, instead he's complied with his campaing promises and pushes to break Argentina's decadence with a radical change that so many promised and backed out after winning, putting himself at the stake most of all
So yeah, absolutely crazy from him. Voters? About to be defined